A History of Money and Banking in the United States: The Colonial Era to World War II
Page 53
League of Nations, dominated by, 305
lower wage rates in south England, 401
new industries fare better, 401–02
Norman as major financial figure, 442
over-valued pound, 360
price stabilizationists, 452
recapture financial predominance, 358
scolds U.S. for abandoning gold, 459
secret central-bank conference, 444
Strong and Morgan, 444, 447
trade with Balkan nations evaporates, 470
union strikes and, 430
U.S. offer of debt relief, 452
violation of gold standard rules, 429–31
Great Depression, 209, 271–78, 290–313, 331–33, 332n, 423–26, 427n, 440–41, 450–57
Green, William, 275, 448
Greenbacks, 122–32, 147–50
as wartime “necessity,” 131–32
bank reserves, used as, 136–37
depreciation of, 123–27
first and “only” issue, 124
Legal Tender Act of 1862, 123
portraits on, 126n
refused by banks, merchants, 127–29, 132
state bank enthusiasism for, 129–30
Greenback Party, 177–78
Greenspan, Alan, 20
Grenfell, Teddy, 369, 374, 378
St. Just, Lord, 369
Gresham’s Law, 47, 50, 52–53, 64–68, 67n, 76, 81, 104, 107, 110n, 111, 127, 222, 228
Grew, Joseph C., 268, 380
Grigg, Sir Percy James, 367n
Griswold, John A., 148
Grundy, Felix, 81n
Gulf Oil, 267, 378
Guthridge, Jules, 196
H
Hadley, Arthur Twining, 199, 215–17
Hall, Perry, 330n
Hamilton, Alexander, 62, 64–66, 72
First Bank of the United States and, 68–70, 70n
financial program of, 68–72
Hamlin, Charles S., 217, 265, 372n
Hammond, John Henry, 454
Hand, James H., 454
Hanna, Hugh Henry, 190–91, 196, 201–02, 226
Hanna, Mark, 175, 189, 192, 201, 237
Harding, William P.G., 265–66, 372
Harding, Warren G., 238, 266, 283–84, 378–79
Harjes, Morgan, 370n
Harriman, W. Averell, 299–300, 300n–01n, 302, 307, 309
power in New Deal and Democratic Party, 300
Harris, Seymour E., 295
Harrison, Charles Custis, 191
Harrison, George L., 269, 274, 277–78, 287, 305, 335, 337, 417, 425, 427, 460–61
Hawtrey, Sir Ralph G., 366–67, 390n, 392, 392n, 397–98, 442, 447
Genoa Resolutions on Currency, 392–96
Hazlitt, Henry, 486n
Hearst, William Randolph, 457
Heckscher, Eli, 398
“Helicopter” model, 55n
Hentz, Henry, 195
Hepburn, A. Barton, 201, 205, 238, 242–43, 258, 449
Hepburn v. Griswold, 152–53
Herrick, Myron T., 237–38
Hertz, John D., 301n
High Lutherans, 174, 174n, 176
Hill, James J., 195, 268n, 380n
Himmelberg, Robert F., 281
Hinckley, Robert, 335
Hitler, Adolph, 33, 344n, 479
Hoarding, 240, 296, 383, 462
Hobson, John A., 210n
Hollander, Jacob H., 220–21, 229–30, 233, 389n
Homans, I. Smith, Jr., 148
Homer, Sidney, 163
Homo economicus, 34
Hoover, Herbert Clark, 269–333, 415, 422–23
Boulder Dam and, 333
evils of hoarding, 296
Fed and, 271, 275
“Hoover Plan,” 273
inflationary policy of, 271–78, 294
intervention in recessions, 272
recession intervention, 273
Reconstruction Finance Corporation and, 288–94, 288n
support for international monetary system, 452, 459
Wall Street investigation, 312–13
Hopkins, Harry, 300n–01n
Horne, Sir Robert, 392
House, Edward Mandell, 310
Houston, David F., 282
Howard, George, 330n–31n
Hughes, Charles Evans, 266–67, 266n, 379–80, 379n
Hull, Cordell, 344, 347, 471–77, 474n, 480
Hume-Cantillon mechanism, 354
Huntington, Collis P., 150
Hutzler, Abraham, 230
Hyperinflation, 25, 351n, 387, 407, 410–11, 410n
I
Ickes, Harold, 330
Imperialism, 212, 219–22, 251
consent of governed, 211
dollar, 43, 437, 477
economic benefits of, 213
financial, 386, 443
increased centralization of administrative power, 216
sponsors of, 218
surplus capital and, 208
Indianapolis Board of Trade, 190
Indianapolis Monetary Convention, 188–201, 204–07, 236, 252–53, 256
Inflation, 285
dollar, 487–88
economics of, 272, 424
general assets, as base of, 236
nostrums, main sponsors of, 58
paper money schemes, 50, 58
rise in prices and, 69
Treasury notes, to finance war, 75
Insull, Samuel, 329–30
International Clearing Union, 481
International Harvester, 255, 263
International Monetary Fund (IMF), 339n, 482–85
International monetary order, 42, 232, 307, 389, 351, 352, 374, 483–89
cheap money, seduced by, 425
efforts to reconstruct, 356, 368, 437, 439, 465–67, 469, 476, 478
monetary chaos and, 352, 431
pre–World War I, 437–38
restoration of, 356
Interstate Commerce Commission, 184, 186
Investment Bankers’ Association, 328
Investment Bankers Code Committee, 329
Investment Bankers Conference Committee, 329
Iron and Steel Association, 148
J
Jackson, Andrew, 91–92
against central bank, 92–93
coinage legislation and, 104
established branch mints, 107
Specie Circular and, 98–99, 107
unwarranted blame for 1937 panic, 97–98
Jacksonians, 41, 90–93, 97, 104–07, 109, 111–14, 123, 135
movement, 90–104
economy, 94–96, 98–99, 103
Era, 95, 114
favored free markets, 91
ideology of, 41
libertarians, 91
Jay, Pierre, 376
Jefferson, Thomas, 65n, 92, 178
Jeffersonians, 70, 136n
as libertarians, 91
Jekyll Island
Fed bill drafted at, 253–54, 264
Jenks, Jeremiah W., 199, 216, 223–24, 226, 228–29, 228n, 233, 389
“Joachimsthaler,” 49n
John Law’s Mississippi Bubble, 354
Johnson, Joseph French, 204–05, 204n, 236, 249–50
Jones, William, 85, 89, 92n
K
Kahn, Otto H., 448
Kelley, William D., 148, 149n
Kellogg, Frank B., 268, 380
Kemmerer, Edwin W., 224, 233–34, 234n, 251–52, 389,
Kendall, Amos, 91
Kennedy, Joseph P., 309, 323–24, 324n, 330
Kent, Fred I., 246, 249, 251
Key currency country, 385, 396–97, 476, 483–84
Keynes, John Maynard, 356, 362, 366, 367n, 368, 388–89, 405, 405, 478
Keynes Plan, 481–82
Keynesians, 295, 299, 331–32, 346, 362n, 367n, 487–89
King, William, 335
King Canute, 271
Kleppner, Paul, 170n, 174n
Knox,
Colonel Frank, 296
Knox v. Lee, 153
Kuhn, Loeb. See Banks
L
Laissez-faire, 92, 113n, 174–79, 183, 273–82, 283n, 304, 321, 331, 438–39, 447, 453
Lamont, Robert P., 296
Lamont, Thomas W., 251, 264, 269, 269n, 282n, 309–10, 311n, 313, 321n, 330n, 369, 416, 422n, 467
Landis, James McCauley, 322–27, 325n, 327n, 329n
Laughlin, James Laurence, 195, 200, 255, 277n
League of Nations, 305, 356, 390, 397, 399, 415, 439, 441–43, 459
Leffingwell, Russell, 282n, 287, 303, 372, 416, 432, 456–57, 467
Lehman, Arthur, 303
Lehman Brothers, 299, 301n, 302, 314, 324
Lehman, Herbert H., 299, 302
Lehman, Philip, 303
Lehman, Robert, 301n
Lehrman, Lewis, 41, 47, 187
Leighton, George, 195
Leith-Ross, Frederick W., 403
Lend-Lease agreements, 479–80
Lenin, Vladimir, 209–10
capitalist imperialism theory, 209
Leon, Rene, 299, 308
Leviathan state, 259
Libertarian, 91, 175, 177–78
Liberty League, 347n, 478
Limantour, Jose, 225, 228
Lincoln, Abraham, 126n, 133
Lodge, Henry Cabot, 176, 189, 209
Loeb, Guta, 215n
Loeb, Nina, 235n
Loeb, Solomon, 235n
London School of Economics, 366n
Long, Breckenridge, 472
Lopez, Robert Sabatino, 109n–10n
Louisville Courier-Journal, 150
M
MacDonald, Ramsay, 404, 459
MacVeagh, Charlton, 331n
MacVeagh, Franklin, 198
Magoon, Charles, 227
Mahan, Alfred T., 209
Maloney Act, 329
Manifest destiny, yield to, 477
Marburg, Theodore, 218
Maria Theresa (silver dollar), 49n
Marshall, Alfred, 39, 360, 389
Marshall, John, 70, 70n
Marshall Plan, 24, 30, 347n
Martin, William McChesney, 327–28
Marxism, 30, 185, 242
Marxists, 171
Massachusetts, 50–55, 74, 87, 96, 118
paper money issues, 51–53
return to specie, 53, 54–55, 55n
McAdoo, William Gibbs, 265, 280, 311, 371
McAveeny, William J., 298, 454
McCain, Charles, 309
McCloy, John J., 347, 472
McCone, John A., 334n
McCraw, Thomas K., 323n, 325, 328
McCulloch, James W., 87n
McCulloch, Hugh, 134, 151
McCulloch v. Maryland (1819), 70
McGarrah, Gates, 276, 412, 427
McKenna, Sir Reginald, 362, 382
McKinley, William, 175, 191–92, 237
McKinley Tariff Act of 1890, 167
McNary, Charles L., 457
Mellon, Andrew W., 267, 269, 376–78, 415, 420–21, 423, 450
Merchants’ Association of New York, 250–51, 254, 449
Messersmith, George, 471
Mexican Currency Reform Act of 1905, 228
Meyer, Eugene, 278–301
appointed Fed governor, 286
Federal Farm Loan Board chief, 286
head, Reconstruction Finance Corporation, 289
most powerful financial force, 289
opposition to German bailout, 286
owner, Washington Post, 300n, 339–40
War Finance Corporation and, 280–86, 288
Miller, Adolph C., 266, 372n, 450
Mills, Ogden L., 269, 274, 287, 289, 295–96, 422n
Ministry of Reconstruction, 359
Mises, Ludwig von, 11–19, 21, 34, 110, 344, 355, 471
method of historical research, 11, 23, 25
method of specific understanding, 13–16, 32–33, 39
Mitchell, Charles E., 296n
Mitchell, John J., 191
Moffat, J. Pierrepont, 472, 479
Moffett, James A., 308
Moley, Raymond, 300n, 306, 464, 466
Monetarist myth of Fed contraction, 275, 294
of 1870’s, myth of, 154–55
pseudo-gold standard and, 440
Monetary imperialism, 218–19, 223, 228
Monetary reform movement of 1896–1900, 188–204
first monetary convention, 190–97
passage, Gold Standard Act, 202–04
second monetary convention, 198–202
Monetizing debt, 75, 142
Money
brokers, as scapegoats, 79–80
debasement, 50, 110n, 220, 222, 229
precedent set for, 105
demand for, 22, 203, 251
fiat, 51–59, 73, 75, 82–83, 100, 122, 123, 131, 160, 186, 206, 232, 271, 298, 303–07, 352, 356, 358, 360, 396, 410, 421, 431, 453
hard, 83, 90–91, 104, 112, 145, 151, 159, 178n, 186, 188–89, 231, 406, 441, 451, 484
medium of exchange, 48, 105, 226, 352, 356
paper money
colonial, 50–58
boom-bust economies and, 54
first issue of, 51
scarcity of money and, 52
Revolutionary War and, 83, 59, 231, 354, 488
purchasing power of, 22, 390
scarcity of, 50
supply increases v. productivity, 159 See also Greenbacks
Monopoly
government-imposed, 184
license to issue paper money, 62–63
redefined, 184–85
Moore, Ernest, 415–16, 416n
Morawetz, Victor, 247, 247n
Moreau, Emile, 399, 407
Morgan, Harry, 311n
Morgan, J.P., “Jack,” 169, 183–84, 192–93, 195, 198, 207, 222, 235–36, 243, 245, 247, 251–52, 264–65, 268, 270, 276, 279, 292, 303, 311–12, 314, 316–18, 321–22, 324, 330–31, 368–71, 377–78, 380–81, 422, 427, 446–47, 450, 457, 467
House of Morgan, 184, 263, 264, 282, 287, 297, 347, 368, 370, 386, 446
associates and colleagues in England, concern for, 297
Bank of England, association with, 270–72
Banking Act of 1933, 316–17
CFR and, 432, 346–47
concordance and conflict, 42
economic power destroyed, 315, 321, 330, 340
influence of, 188–207, 209, 222, 235–38, 243–45, 368–69, 397, 415
manipulation of Norman, 378
Mellon and, 267, 378
monopoly purchaser of goods, 370
New Deal, assaulted by, 432
political power and, 188, 268, 380
preferred list of financiers and politicians, 311
President Coolidge and, 266–67, 379–81
President Hoover and, 269, 422
Republican party and, 266
return of, 343
Rothschild of Vienna and, 427
Strong and, 264–65, 270–71
Theodore Roosevelt and, 263
trade agreements against, 344–45
twilight of power, 299, 306, 314–17
Morgan, J.P., Sr., 264
Morgenthau, Henry, Jr., 302, 335, 338–39, 344n, 346, 468, 477, 485
Morrell, Daniel, 148
Morrill, Chester, 338
Morris, Gouverneur, 59
Morris, Robert, 61–63, 62n, 63n, 68, 92n
Most, Johann, 178n
Mueles, Monsieur, 51n
Müller-Armack, Alfred, 487n
N
Nash, Gerald D., 288n
Nashville Banner, 191
National Aniline and Chemical Company, 279
National Association of Manufacturers, 281
National Association of Securities Dealers (NASD), 32n9
National Banking System. See Banking
National Citizens’ League for the Creation of a Sound Banking System, 255
National Civic Federat
ion, 264
National Credit Corporation (NCC), 288
National Grange, 298, 454
National Monetary Commission (NMC), 244–46, 248–49, 251, 253–54
National Power Policy Committee, 330
National Recovery Administration (NRA), 328n–29n
National Socialism, 30
New Deal, 323, 343, 477–78, 480
diplomacy, 344, 468, 471–73, 479, 484
dollar nationalism and, 450
foreign policy, 43, 437
International Monetary System, 437
monetary policy, 298, 433
Morgan, assault on, 432
New Dealers, 317, 321–22, 328, 331, 335, 338